China P2P Lending Crackdown May See 70% of Firms Close

As few as 300 companies will remain by the end of the year, according to an estimate from Shanghai-based Yingcan Group. Chinese leaders are dramatically shrinking a market that spawned the nation’s biggest Ponzi scheme, protests in major cities, and life-altering losses for thousands of savers. Authorities are planning to wind down small- and medium-sized P2P lending platforms nationwide, people with knowledge of the matter had earlier said.